Infrastructure funds globally raised $5.9 billion of fresh capital in the third quarter of this year, according to the latest figures from San Francisco-based placement agent Probitas Partners.
The total was easily more than enough to put this year's cumulative infrastructure fundraising above 2009's $10.7 billion full-year total. As a result, 2010 will mark the first time in three years that the cumulative annual infrastructure fundraising will show an increase over the prior year.
The last time this happened was in 2007, when infrastructure funds raised $34.3 billion, nearly doubling the 2006 full-year total.
Infrastructure fundraising: on the up again.
The pace of fundraising quickened in the third quarter of the year. The $5.9 billion third-quarter total is about the same as the first quarter of this year. In the second quarter, fundraising dipped to $4.0 billion, raising questions as to whether the recovery from the fundraising slump of 2009 could be maintained.
If infrastructure fundraising keeps the current pace, the 2010 total could also beat the $17.9 billion infrastructure funds raised in 2006.
The Probitas figures also reveal that 18 infrastructure funds posted final closes in the year to the end of September. This compares with 10 in the whole of last year and a peak of 35 in 2008.
A sign of continuing health in the fundraising market came earlier this week when Antin Infrastructure Partners, the Paris-based fund manager sponsored by BNP Paribas, recorded a final close of its debut fund on €1.1 billion – beating a €1 billion target.
Probitas' fundraising data does not include infrastructure funds-of-funds.
Cumulatively, since 2004, infrastrucure funds have raised $111 billion, according to the data.